ExoraScalper (Exo='Outside' + Ra='Sun' -> "Outside the Sun") is a breakout-capturing momentum scalper designed to more efficiently capture price movements at the shortest possible timeframe.
The core strategy logic is based on the concept of finding the rate of change of price movement and immediately placing pending orders in the direction of that movement. If the move is fast enough it will trigger the pending order. If not, the pending order will be canceled after a defined period of time. This is different from the usual "HI-LO" support/resistance channel breakout strategies commonly out there. In this system, no indicators are necessary as entry points are based on a mathematically objective definition of a breakout.
The default stop loss is set to a small size of around 2.5-3.0 pips (25-30 points for 5 digit broker) with trailing sizes ranging from 2.5 pips and above. This ensures risk is very small. There is no take profit limit- the gain potential is infinite.
This system does not use hedging, martingale, grids, or other similar toxic methods of trading. Stop losses are always used for every trade.
Pairs + Timeframes
Start with either GBPJPY and or USDCAD on the M1.
Following pairs can also be used: EURUSD, EURGBP, EURJPY, GBPUSD, USDJPY, and XAUUSD on the M1.
- Test with minimal risk first
- Use VPS for minimal network latency to the broker's server
- Use a leverage of 1:100 or more
- Low spread + low commission + low slippage is advisable
- Minimum balance best above $100
- Keep total execution time as low as possible (below 300 milliseconds is best) to minimize slippage
- Choose a broker that provides FIX-API accounts and use a FIX-API bridge connector to minimize execution time
- MagicNumber - Must be an integer i.e. "101"
- TradeComment - To add to EA Comment i.e. "EXO GBPJPY"
- Leverage - The default account leverage i.e. input "500" if leverage is 1:500
- MaxSpreadPlusCommission - Must be a value greater than average spread (in points) + the commission for 1 round lot
- ShowPanel - Set to true to show panel information on the chart. Set to false for fast backtesting and for efficient live testing
- DeleteObjects - Deletes objects on the main chart
- BuySignal - True to enable buy signals
- SellSignal - True to enable sell signals
- MaxLots - Set the broker's maximum allowable lot size limit
- UseMM - Set to true to use Money Management based on risk size. Set to false to use fixed lots
- Risk - Risk size amount
- FixedLots - Set a fixed lot size amount if UseMM = false
- StopLoss - Set the strategy stop loss in points
- TrailingStep - Points the current price must move to adjust the trailing stop
- TrailingStop - Points the trailing stop will trail against the current price
- BreakEvenAfter - Threshold the current price must reach before activating breakeven stop
- BreakEvenTo - Points where the breakeven stop will be placed from order open price
- SpecialTrail - This skips the need for a breakeven method and trails as soon as current price moves
- Trail - Set the SpecialTrail stop in points. This is the distance set away from current price
- UseTF_XX - Set to true to enable using the first strategy
- Secondsframe_XX - Set the number of seconds required for calculating pending orders
- BreakoutLevel_XX - Set the price difference away from the current price needed to define a breakout
- PendingLevel_XX - Set the price difference away from the current price where the pending order will be placed
- OrderDeleteSecs_XX - Set the number of seconds for pending order expiration
( XX = strategies 1-12 )
- StartHour - Hour of the broker the strategy turns on. Default = 1
- StartMinute - Minute of the starting hour. Default = 0
- EndHour - Hour of the broker the strategy turns off. Default = 24
- EndMinute - Minute of the end hour. Default = 0
( Time filter requires manual checking and adjustment as per your broker; it is not fixed to GMT )
Full list of parameter sets files can be found here.
Currently tested this with IC Markets with some success so far. Other brokers and pairs may be tested in the future.
To test for your execution time I recommend using this.
2. Added the option to use either a system of trailing with a breakeven method or a special class of trailing method, 'SpecialTrail'. The breakeven method is to be used in more noisy markets like XAUUSD which is prone to high slippage. SpecialTrail can be used on more workable pairs like GBPJPY for smoother performance
2. Streamlined more of the code
2. Added extra panel features including average slippage and total trades per strategy
2. Added 'Leverage' to parameter inputs to allow for lot size adjustment when brokers change account leverage i.e. during high impact news
3. Added more detailed panel information for things like risk, loss in pips, slippage, and strategy sets
4. Corrections made for use on 4 digit brokers to test on nano / fixed spread accounts
2. Adjustments made to allow for trading on the XAUUSD pair.
Example: MagicNumber="111" becomes "11101" for strategy 1, "11102" for strategy 2, "11103" for strategy 3.